A subsidiary undertaking of a holding company established in an EEA State may claim an exemption from filing its financial statements with the Registrar if it meets all of the conditions below.
Section 357 sets out these conditions which are:
|Section 357 (1)(a)||All shareholders consent to the exemption being claimed|
|Section 357 (1)(b)||An irrevocable guarantee is in place for the entire year from the holding company of all amounts shown as liabilities in the subsidiary company|
|Section 357 (1)(c)||The subsidiary company has notified all shareholders in writing of this guarantee|
|Section 357 (1)(d)||The financial statements of the subsidiary are consolidated in the group financial statements|
|Section 357 (1)(e)||The exemption under section 357 is disclosed in a note to the consolidated accounts|
|Section 357 (1)(f)||A notice stating that the subsidiary company has availed of the section 357 exemption together with a copy of the guarantee noted in b) above, a copy of the notice to shareholders in c) above and a declaration in writing that a) above has been complied with is annexed to the annual return|
|Section 357 (1)(g)||The consolidated accounts are drawn up in accordance with the requirements of the EU 7th Directive or IFRS and are audited|
|Section 357 (1)(h)||A copy of the consolidated accounts are annexed to the annual return|
Illustrated disclosure when claiming an exemption from filing subsidiary financial statements with the Registrar (to be included in the consolidated financial statements):
The subsidiary undertaking(s) included in these consolidated financial statements has/have availed of the exemption from filing its/their individual financial statements with the Registrar of Companies as permitted by Section 357 of the Companies Act 2014 on the basis that it/they has/have satisfied the conditions as laid out in section 357(a) to 357(h).